CIBC pens data access agreement with Utah-based MX.
The Canadian Imperial Bank of Commerce (CIBC) has entered a data access agreement with Utah-based FinTech company MX to provide its clients a seamless way to share financial information.
MX’s agreement with CIBC is the first of its kind for the bank and the first in Canada for MX.
By using MX’s application program interface technology (API), CIBC said its 11 million clients will no longer need to share their banking credentials to connect their banking information with third-party applications that partner with MX, such as personal financial management, budget tracking, and credit-building tools.
Founded in 2010 by Ryan Caldwell and Brandon Dewitt, MX combines open finance APIs with financial data to securely connect to and verify data for hundreds of use cases including account opening, money movement, and underwriting.